Fiserv Prices $750M and $2B Tender Offers at 4.186% and 4.959% Yields
FISV•Fiserv priced tender offers to repurchase $750 million of its 5.150% notes due 2027 at $1,005.65 per $1,000 and $2 billion of its 4.400% notes due 2049 at $797.61 per $1,000. Settlement is set for June 26, 2026, with accrued interest paid to that date.
1. Pricing Details
Fiserv set reference yields at 4.186% for its 5.150% notes due 2027 and 4.959% for its 4.400% notes due 2049, applying fixed spreads of 5 bps and 108 bps respectively. Consideration per $1,000 of principal is $1,005.65 for the 2027 notes and $797.61 for the 2049 notes.
2. Offer Terms and Settlement
The tender offers expire at 5:00 p.m. New York time on June 23, 2026 unless extended, with settlement scheduled for June 26, 2026. Accrued interest will be paid from the last interest payment date up to, but not including, the settlement date. Notes may be withdrawn before the expiration date, and holders must follow guaranteed delivery procedures if necessary.
3. Outstanding Notes and Amounts
The company is targeting $750 million aggregate principal of its 5.150% senior notes due 2027 and $2 billion of its 4.400% senior notes due 2049 for repurchase. These actions reduce long-term debt maturing beyond 2046 and optimize financing costs.
4. Strategic Implications
By repurchasing its higher-coupon debt, Fiserv aims to manage interest expenses and refine its debt maturity profile. The tender offers are unconditional and not contingent on a minimum amount, indicating confidence in the company’s liquidity position and willingness to adjust its capital structure.
